The pandemic caused a lot of firms to make cuts this year and Holland & Knight was very much among them. But those austerity cuts have come to an end, with the firm announcing on a call right before the holiday that they would roll back the last of those cuts and give associates make-whole payments for 2020 compensation in January!
That’s exciting, but the firm sweetened the deal with the revelation that — in addition to annual bonuses — associates will receive special bonuses, though the amount of the special bonuses has not yet been disclosed.
The firm fiscal year begins in March so that’s when bonuses and salary increases for rising associates will go into effect (retroactive to January 1).
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Associates seem happy with the news:
All in all, I don’t think many of us expected special bonuses and possibly even harbored doubts about potentially impacted year-end bonuses. I think most of us are thrilled that we’re being made whole for 2020, will receive a special bonus, and are on schedule to receive our usual annual raises and year-end bonuses.
Congrats.
Earlier: Biglaw Firm With Over A Billion In Revenue Cuts Associate Salaries (And More!)
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.